Budget Fraud Elimination Act of 2003

Budget Fraud Elimination Act of 2003 - Redefines the public debt to exclude intragovernment obligations and reduces the public debt ceiling.

Amends the Congressional Budget Act of 1974 and the Congressional Budget and Impoundment Control Act of 1974 to establish biennial budgeting. Makes conforming amendments, including requirements for government strategic and performance plans. Creates a special transition period for the 109th Congress.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to state that certain emergency legislation shall not be extended in the baseline. Establishes emergency criteria.

Spending Accountability Reserve Act of 2003 - Amends the Congressional Budget Act of 1974 to establish a spending accountability reserve ledger to credit any reductions in new budget authority in an appropriation bill. Adjusts the respective appropriation allocation and discretionary spending limits downward accordingly.

Enhanced Rescissions Act of 2003 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose at any time the rescission of any budget authority he identifies as wasteful spending.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend the budget enforcement mechanisms of discretionary spending limits (caps) and pay-as-you-go (Paygo).

Provides for treatment of extraneous appropriations in omnibus appropriation measures.

Amends the Civil Service Retirement and Disability Fund to provide for accrual funding of pensions and retirement pay for Federal employees and Uniformed Services Personnel. Provides accrual funding of retirement benefits for Federal employees covered by the Foreign Service Retirement and Disability System, the Public Health Service Commissioned Corps Retirement System, the National Oceanic and Atmospheric Administration Commissioned Officer Corps Retirement System, and the Coast Guard Military Retirement Fund.

Provides for the accrual funding of post-retirement health benefits costs.